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China Trims Key Rate Again
As Fears of Slowdown Mount

By

Andrew Batson in Beijing and

Rick Carew in Hong Kong

Updated Oct. 30, 2008 12:01 a.m. ET

China's central bank cut interest rates for the third time in six weeks, intensifying efforts to shore up confidence as the country's growth prospects dim and the global economic slowdown takes a toll on a wide swath of its companies.

China's economic growth cooled to 9% year-on-year in the third quarter, the slowest pace in five years, and could slow even more sharply in coming quarters as the domestic housing market freezes up and...